Valuation and M&A - (F)

The objective of this course is to introduce the merger and acquisition process from a corporate finance perspective, focusing in particular on business and synergy valuation. A particular emphasis will be given to the Discounted Cash Flow (DCF) valuation method, and to the theoretical underpinnings of the discount rate used in the denominator of the valuation equation (i.e., the cost of financing: from cost of equity and cost of debt to cost of capital). In addition, relative valuation models (multiples) and specific topics such as valuing private companies and modeling synergies will be introduced throughout the course.

The course will also adopt a practitioner’s point of view. In almost all M&A deals external advisors are active in helping companies, such as investment banking advisor. Also, another important trend is observed in deal making nowadays, such that most companies tend to develop their own in-house M&A teams. Therefore, several top-notch industry testimonies will complement this course.

After successful completion of the course, the course participants will have a solid understanding of the most fundamental issues and concepts in valuation in an M&A context. The course builds on your corporate strategy know-how and requires some basic financial calculation skills.

The course includes a one-day case study challenge together with the M&A advisory team of a leading bank or consulting firm.

• Written examination
• Presentation/Seminar Papers

- 40% of the final grade are based on a group project
- 60% of the final grade are based on the result in the exam